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The only way is up for global ocean shipping costs as Houthi rebels continue attacks in and around the Red Sea. Average
worldwide prices for shipping a 40-foot container rose 23% in the week
through Jan. 18 to $3,777, according to London-based Drewry Shipping Consultants, more than doubling in the past month. The WSJ Logistics Report’s Paul Berger writes that the price increases and delays caused by disruptions at a transit point for the Suez Canal are mostly affecting trade
between Asia and Europe. But the higher costs are reaching the U.S.
West Coast too. Spot-market rates to ship a container from China to Los
Angeles rose 38% in the week through Jan. 18 to $3,860.
Retailers say they were prepared for disruptions this year and shipping
delays aren’t causing shortages for now. But shippers of some
time-sensitive products are starting to shift to air. |